Samsung heir-apparent cleared of breach of trust

The Samsung special inquiry counsel yesterday acquitted 28 defendants including Lee Jay-yong, the heir apparent to Samsung Group, of charges of breach of trust, citing lack of evidence.

The defendants, comprised of employees of 9 Samsung affiliates, were accused by a civic group of buying back Lee’s shares for three days from Mar 27 to 29 back in 2001 of four loss-making internet start-ups run by the junior Lee , thereby incurring financial losses to their companies.

The investigation team concludes the share-buying was proceeded with a ‘normal decision making process’ within those companies, which does not seem subject to breach of trust, and the claim that Samsung affiliates were forced to buy the shares in order to financially save Lee Jay-yong is not convincing, given those internet companies have been in the black since 2004.

Samsung Group made a short statement saying it was a relief that any misunderstanding related to this case could be cleared.